The companies that reported earnings before the markets open on Wednesday are: Goldman Sachs, Wells Fargo, U.S. Bancorp, State Street, Northern Trust, Bank of New York Mellon and Hudson City Bancorp.

Goldman Sachs Group Inc. (NYSE:GS) said quarterly profit was $2.39 billion or $3.79 per share, down from $4.95 billion or $8.20 per share in the year-ago quarter. Total net revenue fell 10 percent to $8.64 billion in the fourth quarter as net revenue at its institutional client services segment's fixed income, currency and commodities client execution plunged 48 percent to $1.64 billion. Operating expenses more than doubled to $5.17 billion from $2.24 billion.

Wells Fargo & Co (NYSE:WFC) posted fourth quarter profit of $3.4 billion, or $0.61 per share, compared with $2.8 billion, or $0.08 per share for fourth quarter 2009. Earnings per share in the year-ago quarter were reduced by $0.47 for the combined dividends and deemed dividend upon redemption and full repayment of TARP preferred stock. Revenue was $21.5 billion, down 5 percent from $22.7 billion in the same period of last year.

U.S. Bancorp (NYSE:USB) reported a 62 percent rise in fourth quarter net income driven by higher revenue and declining credit costs. The bank posted fourth quarter profit of $974 million or 49 cents a share, compared with $602 million or 30 cents a share a year-earlier. Total net revenue rose 7.9 percent to $4.72 billlion. Provision for credit losses fell 34 percent to $912 million.

State Street Corp. (NYSE:STT) posted operating-basis earnings of 87 cents in the fourth quarter, compared with 71 cents in the fourth quarter of 2009. GAAP profit fell to $83 million or 16 cents a share from $498 million or $1.00 per share in the year-ago quarter, mainly due to loss associated with its investment portfolio repositioning and a restructuring charge, it said. Total revenue fell 10 percent to $2.04 billion.

Bank of New York Mellon Corp. (NYSE: BK) posted fourth quarter income from continuing operations applicable to common shareholders of $690 million, or $0.55 per share, compared with $712 million, or $0.59 per share, in the year-ago quarter and $625 million, or $0.51 per share in the prior quarter. Total revenue was $3.75 billion, up 14 percent from last year and 10 percent sequentially. The provision for credit losses was a credit of $22 million in the fourth quarter compared with a charge of $65 million in the year-ago period and a credit of $22 million in the third quarter of 2010.

Northern Trust Corp. (NASDAQ:NTRS) posted quarterly profit of $157.1 million or 64 cents a share, down from $200.3 million or 82 cents a share in the year-ago quarter. The company attributed the lower fourth quarter profit to persistent low interest rate environment, which has negatively impacted net interest income and trust fee levels. Consolidated revenue fell 5 percent to $906.4 million.

Hudson City Bancorp Inc. (NASDAQ: HCBK) posted net income for the fourth quarter of $121.2 million, down from $136.6 million for the fourth quarter of 2009. Earnings per share fell to $0.25 from $0.28 in the year-ago quarter. The company said the continued low interest rate environment continued to negatively impact its net interest margin in the fourth quarter. Net interest income fell 24.1 percent to $251.8 million.